Mortgage Rates Holding Steady
The 30-year fixed rate rests at 5.41% as President Obama unveils foreclosure prevention program.
o Current Mortgage Rates
o 30 yr fixed mortgage5.17%
o 15 yr fixed mortgage4.78%
o 30 yr fixed jumbo mortgage6.92%
o 5/1 ARM 4.80%
o 5/1 jumbo ARM 5.33%
Mortgage rates remained flat last week, as President Obama unveiled a $75 billion plan to help prevent foreclosures. The average 30-year fixed mortgage stayed constant at 5.41% for the week ended March 4, according to Bankrate.com.
The average jumbo 30-year fixed rate reached the lowest level in nearly two years, slipping to 6.77% from 6.87%. The average 15-year fixed rate mortgage ticked up to 4.94% from 4.93%.
Adjustable rate home loans fell, with the 1-year ARM pulling back to 5.43 from 5.58%; the 5/1 adjustable-rate mortgage decreasing to 5.39% from 5.40%.
Mortgage rates are continuing their sideways movement, though they may tilt higher as long-term concern grows regarding how the government will manage its growing budget deficit, according to Weiss Research analyst Mike Larson. “Mortgage interest rates are moving sideways with an upward bias. There are some concerns for how we’ll pay for the stimulus and everything else. And despite the dismal economic news the market is getting, there’s some concern about supply overshadowing that, and that’s impacting bond prices,” Larson said.
President Obama’s $75 billion foreclosure prevention program went into effect Wednesday. The Homeowner Affordability and Stability Plan will help more homeowners refinance into new, low-interest rates and it provides incentives to mortgage lenders and servicing companies to restructure mortgage balances and renegotiate mortgage rates.
Borrowers Reject Adjustable Rate Mortgage Loans
American homeowners have lost their appetite for once appealing adjustable rate mortgages. A quarterly report from Freddie Mac indicated that 97% of prime borrowers who refinanced adjustable rate mortgages last quarter chose fixed rate mortgage loans. In addition, 99.7% of homeowners who refinanced fixed-rate home loans last quarter chose fixed-rate mortgages again.
The number of homeowners choosing adjustable rate refinancing was significantly lower than the third quarter. “The very low interest rates for fixed-rate loans compared with ARM mortgage rates in the fourth quarter, combined with worries that rates may rise in the future when the economic recession ends, enticed refinancing borrowers to seek the security of long-term fixed-rate mortgages,” said Freddie Mac chief economist Frank Nothaft in a statement. “When borrowers can lock in a rate of 5% or less for 15 years or longer, it’s hard to find a reason not to take it.”
During the fourth quarter, initial interest rates on hybrid adjustable-rate mortgages were close to, or above mortgage interest rates on 15-year and 30-year fixed rate home mortgages. Last week, Freddie Mac reported the average 30 year fixed-rate mortgage had dropped to 5.04 %, down one full percentage point from where thirty-year mortgage loans were a year ago.
Low Mortgage Rates Forecasted
Mortgage interest rates will remain below 5% for the firstpart of 2009 which could hellp stabilize home sales and keep a mortgage refinancing trend going, according to a consensus forecast by banking economists. “A surge of home loan refinancing is already under way and lower home prices and interest rates will gradually support an increase in home sales,” said Bruce Kasman, chief economist at JPMorgan Chase.
Mr. Kasman is chairman of the American Bankers Association Economic Advisory Committee, which expects the government’s efforts to stabilize the financial system and stimulate the economy will lead to a recovery in the second half with gross domestic product rising to 3.8% in the 4th quarter of 2009. However, the bank economists see house prices continuing to decline and home loan delinquencies increasing throughout 2009. The home refinancing surge will be “substantial,” predicted Mr. Kasman, noting that a high rate of applications may be rejected and cash out refinance loans will be modest.
Mortgage Rates Rise, Home Refinancing Applications Decline
Unfortunately, not that many homeowners qualify for the low conventional mortgage rates that dipped below 5% a few weeks back. Even FHA home loan programs have experienced changes that require higher credit scores and more equity. Many rejected borrowers remain in search for mortgage modification plans with loan modification agreements that enable existing mortgages to be renegotiated without actually refinancing the mortgage.
Refinancing applications hit their highest levels in years after mortgage rates plummeted to record lows several weeks back, according to the Mortgage Bankers Association. But now that thirty-year fixed rate mortgages have pushed back above 5 %–to still attractive levels–interest in mortgage refinancing appears to be declining.
The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending January 23, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 732.1, a decrease of 38.8% on a seasonally adjusted basis from 1195.3 one week earlier…
Mortgage interest rates remain at the lowest point in decades and Investment Advisor Jill Schlesinger spoke to Harry Smith about the right time for home-buying.
Home Prices Fall Again Even with Low Mortgage Rates
The Home Refinancing Index declined 48% to 3373.9 from 6491.8 the previous week and the seasonally adjusted Purchase Index decreased 2.9 % to 294.3 from 303.1 one week earlier…The refinance share of mortgage activity decreased to 72.8% of total applications from 83.3% the previous week…The average contract interest rate for 30-year fixed-rate mortgages decreased to 5.22% from 5.24%, with points decreasing to 1.05% (including the origination fee) for 80% loan-to-value (LTV) ratio loans.
Mortgage Interest Rates May Reduced by the Fed Again
The mortgage industry has been awaiting some good news and Michigan homeowners have been waiting out the present state-wide housing slump that could receive a big boost, particularly for those looking to refinance. If you thought mortgage rates couldn’t fall any further, think again. Some economists expect the Federal Reserve to reduce current mortgage interest rates as low as 3.85 %. That would be truly amazing. I don’t know if mortgage rates have ever been that low,” said Amanda Crews, the housing director at Metro Housing in Flint.
Fed Cuts Rates to Target Range of 0%-0.25%
Watch Roundtable Reaction to the Federal Reserve and Potential Mortgage Rate Cuts.
Currently, conventional home mortgages are being published below 5%. Just a few months back, they were in the low 6% range. A cut below four % could save home owners a ton of cash. “One thousand dollars a year for every point for a $100,000 loan — two points. That would save a borrower $200 a month after refinancing a $100,000 mortgage loan.”
The average rate on 30-year fixed mortgage loans rose last week to 5.12 %, from a record low of 4.96 % a week earlier, according McLean, Virginia-based Freddie Mac. After the Federal Reserve announced plans to buy $500 billion of bad credit home loan security bonds, rates fell from 6.46 % in October, about tripling the pace of home loan applications between the four weeks ended Jan. 16 and Nov. 21, according to the Mortgage Bankers Association. If mortgage lenders introduced even lower rates, they would not be able to handle the resulting surge in applications, Heiden said. “As mortgage interest rates improve, volume increases,” she said.
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Treasury Down After Bernanke Says Fed May Buy US Debt
Treasury prices declined Tuesday as yields moved higher, with bond traders playing off Federal Reserve chief Ben Bernanke’s comments restating that the U.S. central bank could buy longer-term Treasury’s to keep loan rates low. Last week, mortgage rates dropped below 5% on thirty year mortgage loans and FHA home loans.
More aid to the banking system would be needed to foster an economic recovery, Bernanke also said in a speech he delivered in London. Two-year note yields (UST2YR) rose 4 basis points to 0.79%. A basis point is one one-hundredth of a percent. Ten-year note yields (UST10Y) were little changed at 2.31%.
The timing and strength of any global recovery remain “highly uncertain,” Bernanke said. The Fed has begun a plan to buy billions of dollars in mortgage-backed securities and debt sold by housing agencies including Fannie Mae (FNM) and Freddie Mac (FRE) to lower mortgage rates and spur growth in the housing market.
So far, the program has been successful in bringing down mortgage interest rates by reducing the gap between Treasury’s is a benchmark for many types of home loans, and yields on mortgage or agencies bonds. Bernanke also said it may expand its program to buy asset-backed securities, which pool borrowings such as car loans and credit-card debt. Also Tuesday, a government report showed the U.S. trade deficit in November plunged to $40.4 billion, reflecting weakening demand for imports as the nation’s economic woes deepened
New York Fed Begins Purchasing Mortgage-Backed Securities
The Federal Reserve Bank of New York today began purchasing fixed-rate mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae. Selected private investment managers are acting as agents of the New York Fed in these purchases. Summary data detailing these operations will be available on the New York Fed’s website beginning Thursday, January 8, 2009, and will be updated on a weekly basis each Thursday.
Get updated home loan guidelines and daily mortgage interest rates online. Many insiders believe that the Fed will continue to keep interest rates low for home purchase and refinancing through 2010, or when the housing markets recover.
This program, first announced on November 25, 2008, is intended to support the mortgage and housing markets and foster improved conditions in financial markets more generally. Read the original financial article>
2009 Mortgage Rate Forecast
In a recent home financing article written by Luke Mullins, he explores and declares “seven things you need to know about mortgage rates in 2009.” Just last year, most mortgage executives forecasted higher interest rates for mortgage loans in an effort to curb the growing fears of inflation. Of course declining home prices across the nation and emerging foreclosure crisis did play a significant role in the Federal Reserve slashing key interest rates consecutively. Mike Larson, a real estate analyst at Weiss Research said, “The preponderance of forces that would typically operate on mortgage rates—the economic backdrop, the inflation backdrop, and, in this case, government policy—are all pointing towards lower interest rates.”
Mortgage rates have become more alluring when the thirty-year mortgage loans featuring fixed rate terms dropped below 5.5%. VA and FHA mortgage rates continued to decline as well. This spurred an increase for both new home purchase and mortgage refinancing application volumes. Mullins examines the current mortgage rates while look forward into 2009 where many real estate financing experts anticipate more rate cuts and expanded FHA loan programs in an effort to stem the foreclosure crisis.
1. 2009 Rate Outlook: Thirty-year fixed mortgage rates should begin 2009 at around 5½ %, says Keith Gumbinger of HSH Associates. From there, they will “wax and wane” in the 5½-to-6 % range, before closing out the year somewhere between 6 and 6¼ %. “That’s still very attractive,” he says. “There is no reason to think that mortgage rates are going to go up so substantially so as to erode the marketplace.” Read complete article >
Five Smart Moves to Get the Best Mortgage Rates
According to a recent article from Interest.com, if you’re in the market for a home, there are five smart moves you can make to help you qualify for the cheapest possible mortgage. The tantalizing interest rates mortgage lenders put in their ads are for borrowers with the best credit scores, substantial down payments and the biggest gap between how much they earn and how much they owe each month.
Many home buyers will pay a lot more, but you don’t have to be one of them. With lenders demanding better credit scores, bigger down payments and lower debt-to-income ratios before they offer a mortgage, you have to improve your numbers. Plan ahead so that when you go for that home loan, you’re showing your best financial face. Every tenth-of-a-point is worth fighting for. Potentially, getting a lower mortgage rate could save you thousands of dollars a year. Read the complete article, 5 Smart Moves to Get the Best Rate.
Mortgage Rate Trend Has Mortgage Brokers and Homebuyers Salivating
Lead generation gurus, Mortgage Lead Vault posted a recent article quoting Kelly Media Group President, Jason Cardiff and his optimism of a mortgage rebound helping to boost home sale and ultimately property values in 2009. Cardiff points out that the note worthy efforts from the mortgage players like the Fed, FHA and Freddie Mac to reduce interest rates for home mortgages while make credit more available for mortgage refinancing and new home-buying.
The Real Estate Related News article quotes real estate mogul, Jason Cardiff, “2009 may see the housing sectors and mortgage markets rebound after all.” The trend of mortgage rates has made mortgage brokers and homebuyers salivate as interest rate rumors continue to speculate that 30-year rates may drop to 4.5%.Read the entire article > Jason Cardiff Remains Optimistic of 2009 Mortgage Rebound.
Lower Mortgage Rates Causing Spike in Home Loan and Refinance Applications
Since the Fed slashed rates and the Government agreed to buy bad home loans, mortgage news has dominated the financial circuits. As mortgage rates drop, local loan officers are seeing a big jump in the number of applications for mortgage refinancing and new home loans, mirroring a nationl phenomenon. Many consumers appear to be waiting eagerly on the sidelines for deeper mortgage rate cuts.
The Mortgage Bankers Association reported last week that its index of refinance applications has tripled. It’s the largest increase since 1990, when the organization began tracking the numbers. “I’m not sure it’s the biggest increase since 1990, but I’ve definitely seen an increase since last month,” said Barry Braverman of New Equities Mortgage Corp. in Capitola. Braverman estimated the number of applications in his office has possibly quadrupled in the past month.
Conforming mortgage rates have been the primary benefactor of the Federal Reserve’s industry bailout plan announced November 24th, according to HSH Market Associates, a national mortgage and consumer loan data company in New Jersey. The Federal Reserve committed to buying up to $600 billion of debt issued or backed by four major lenders: Fannie Mae, Freddie Mac, Ginnie Mae and Federal Home Loan.
Friday, HSH reported that the daily national average for thirty-year conforming mortgage loans was 5.33% — the lowest it’s been since the spring of 2004. “Mortgage borrowers, start your engines,” HSH posted on a company Web site blog.
Jumbo mortgage loan rates haven’t fallen as far or as fast, and continued credit-pricing issues still have to be worked out, according to the report, which said jumbo loans, while more affordable, cost on average 1.8 % more than a comparable conforming loan.
“If the lower rates are spurring you to action, you’re not alone; mortgage lenders everywhere are reporting a lot more activity than normal, which is remarkable given it’s the holiday season,” HSH reported. Last week, the average for a conforming thirty-year, fixed-rate mortgage loans slipped to 5.57 %, down from an October 15 recent peak of 6.7 % and well below the 6.06 % seen about two weeks ago, HSH reported. Since then, it’s slipped even more, according to local loan officers who report a 5.75 % on a no-point loan and about 5.25 % if the applicant is paying the point.
The number of new home loan applications has increased as well, according to several Santa Cruz County loan officers. The loans are increasingly involving more traditional sales rather than foreclosures or short-term investments, loan officers say. “It could be an interesting December and January,” Braverman said. Many of the inquiries aren’t from qualified applicants, however. “In many cases they can’t refinance because the value has gone down in their home or they’re not employed,” said Jesse Solomon of Watsonville Mortgage Co.
Josh Fischer, managing director of Sterling Pacific Financial in Watsonville, brokers prefer private investment deals rather than home mortgages. But he couldn’t help pointing out that he’d just seen a sub-5% loan on a thirty-year home loan for residential property. “The scenario there is, if you can qualify — and that box has shrunk incredibly — it’s some of the best money you can get.” For some, it still isn’t low enough. Rumors that rates could drop again to 4.5 % — a topic of discussion for the Treasury Department — are causing some people to wait and see. Jose Mendoza, a loan broker with Meyer Mortgage in Capitola, said loan officers in the office have probably doubled their production since last year. “We try to tell people it’s an excellent time to refinance,” he said. The important thing is to be ready, said Jim Chubb of Pacific Inland Home Mortgage. “The people who get those mortgage rates are the ones who are prepared.” Article written by Jennifer Pittman
Fed Considering More Interest Rate Cuts
Another issue, he said, is that Treasury’s plan would address only new home buyers, not those looking to refinance existing home loans. That could be impractical to implement, as well as unfair, to those homeowners stuck with mortgage loans at higher rates. “How can you separate purchase borrowers from refinance borrowers in terms of mortgage rates?” Mr. Cavin said. If the government directly buys loans extended for home purchases, it will create a two-tier market, said Mahesh Swaminathan, mortgage strategist at Credit Suisse. Refinancings “will occur in the regular market and possibly at higher interest rates,” he said. FHA home mortgages have been most supportive of the programs designed to help fight the foreclosure crisis. Steve Park of Mortgage Brokers Network said, “FHA home loan programs have become Main Street for brokers and lenders nationally. Park continued, “The good news is that any bit of lower rates will help everyone.” Read complete article > Fed Planning More Rate Cuts to Stimulate Mortgage Lending.
Mortgage Rates Move Lower
Mortgage rates for fixed-rate home loans tanked this week with the biggest weekly drop in 27 years for mortgage rates on thirty-year fixed-rate mortgage loans. Once the Federal Reserve’s announced rate cut measures to increase liquidity in the home loan market, Freddie Mac’s chief economist said on Thursday.
According to California Mortgage Broker, Rob Black, “This is huge for the homeowners and the last few mortgage companies trying to survive.” Black continued, “The combination of low mortgage rates and new FHA loan programs could put an end to the mortgage mess.”
“After Federal Reserve actions to increase liquidity in the mortgage market, interest rates for fixed-rate mortgages took a dive,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a news release. “This week’s decline was the largest since the week of November 27, 1981, and 30-year fixed-rate mortgage rates are now almost a full percentage point lower since the last week in October, 2008.” FHA home loan rates continued to decline as well, so new home buyers and homeowners looking for a bad credit mortgage refinance may benefit from lower payments. FHA loans continue to play a major role in foreclosure prevention with new loan modification and short refinance programs like the FHA Hope for Homeowners and FHASecure.
The thirty-year fixed-rate mortgage averaged 5.53% for the week ending Dec. 3, down from 5.97% last week and 5.96% a year ago, according to Freddie Mac’s weekly survey. That mortgage rate hasn’t been lower since January 24, when it averaged 5.48%. Fifteen year fixed-rate loans averaged 5.33% this week, down from last week’s 5.74% average and 5.65% a year ago. That interest rates haven’t been this low since March 20, 2008 when it averaged 5.27%.
Mortgage interest rates on adjustable-rate mortgage loans didn’t fall as much. Five-year Treasury-indexed hybrid adjustable-rate mortgage loans averaged 5.77% this week, down from 5.86% last week and 5.75% a year ago. One-year Treasury-indexed ARMs averaged 5.02% this week, down from 5.18% last week and 5.46% a year ago.
Fed Buy Mortgage Securities to Free up Credit Markets
The Federal Reserve announced they are launching a program to buy up to 200 billion dollars in asset-backed securities (ie. student loans, auto loans, credit card loans and other bad credit mortgage loans ) in a effort to melt the frozen credit markets. The US Treasury said it was allocating 20 billion dollars to the asset-backed securities fund as “credit protection.” “The asset-backed securities market provides liquidity to financial institutions that provide small business loans and consumer lending such as auto loans, student loans, and credit cards,” Treasury said in a statement. “Millions of Americans cannot secure affordable home equity refinancing for their basic credit needs,” Treasury Secretary Henry Paulson said, adding that the program “may be expanded over time” to other types of assets. The statement noted that these assets-backed securities amounted to 240 billion dollars in 2007 but had dropped sharply in the third quarter of 2008 “before essentially coming to a halt in October,” making it harder for consumers to get credit and threatening a seizing up of economic activity.
According to the Fed statement, “Continued disruption of these markets could significantly limit the availability of credit to households and small businesses and thereby contribute to further weakening of US economic activity.” The Fed will lend up to 200 billion dollars to holders of AAA-rated asset-backed securities for a term of at least one year, with holders of the securities expected to accept “a haircut” reflecting the reduced market value. The government continues to offer incentives for banks that provide loan modifications to prevent foreclosure. The Federal Reserve said the action on mortgage securities “is being taken to cut the costs while increasing the availability of credit for the home purchase loans, which in turn should support local housing markets while fostering better conditions in financial markets nationally.”
Lawmakers Consider Loan Modifications to Stem Foreclosure Crisis
Lawmakers from states that would suffer most should the U.S. auto industry fail are working behind the scenes to come up with a compromise on a federal bailout. CEOs from GM, Ford and Chrysler say without an infusion of $25 billion in federal loans, there could be a collapse that would lead to millions of layoffs. House Speaker Nancy Pelosi is urging Treasury Secretary Henry Paulson to get behind a plan calling for $24 billion of the $700 billion financial bailout pool to help Americans at risk of losing their homes. The plan is from FDIC head Sheila Bair, who told a House panel “much more aggressive intervention is needed” to address the foreclosure crisis.
Mortgage rates remain low, but millions homeowners are unable to refinance into a more affordable mortgage because lenders have tightened guidelines for mortgage refinancing and many homeowners have trashed their credit because of delinquent mortgage payments. Loan modifications remain the best solution, but lenders need to cooperate and in most cases their loss and mitigation departments do not have the support to handle the volume.
Home Construction Spending Drops with Credit Crunch
According to a report from the U.S. Department of Commerce, construction spending in the United States edged down in September, coming in at -0.3% month-over-month. The consensus had forecast construction spending in September to decline by 0.8%. The total construction figure for August was revised upward to 0.3% from 0.0%. According to Smart Home Equity who provides home equity credit lines and cash out refinancing for homeowners, said that “consumers aren’t qualifying for home equity loans and they just aren’t remodeling their houses at the moment.”
Residential construction fell by 1.3%, a drop from August’s 1.9% increase, while non-residential construction increased 0.1%, up slightly after falling 0.4% in the previous month. The report also noted a 0.1% increase in private construction and a 1.3% decline in public building, which came in at -0.1% and -1.3%, respectively, in August. Mortgage rates rose even though the Federal Reserve lowered interest rates.
Fed Wants U.S. to Play Role in Mortgage Loan Securities
Federal Reserve Chairman Ben Bernanke sketched out a blueprint for handling the mortgage-loan crisis which has become a key issue both presidential candidate. Speaking to a mortgage-finance symposium in Berkeley, Calif., by videoconference Friday, Mr. Bernanke said policy makers may need to maintain a key role in mortgage securitization regardless of the fate determined for government-sponsored entities Fannie Mae and Freddie Mac. Among the choices he outlined was creating a government bond insurer for mortgage funding. “Government likely has a role to play in supporting mortgage securitization, at least during periods of high financial stress,” Mr. Bernanke said.
The government on Sept. 7 seized Fannie and Freddie, which together own or guarantee half the nation’s mortgage loans, after months of uncertainty about their future. The government’s action initially alleviated some pressure on the mortgage refinance market. But the financial crisis has pushed consumer mortgage rates up, weighing on the housing market. According to financial publisher HSH Associates the average for 30-year fixed-rate mortgage refinance loans conforming to Fannie and Freddie standards was 6.63%, , up from 6.34% in early September before the government put the firms into conservatorship.
According to former IHE home equity executive, Dan Ambrose, “the market for mortgage refinancing has been damaged in the wake of the foreclosure crisis and the lure of the low rate loan modification. The mortgage industry needs a lot more than the Federal Reserve dropping the interest rates a few times. Ambrose continued, “The housing sector desperately needs restored confidence and attractive mortgages with secure lending guidelines are essential.”
Government-sponsored lenders have been the only firms producing and selling mortgage-backed securities to investors during the recent credit crunch. “Their ability to continue to securitize when private firms could not did not appear to result from superior business models or management,” Mr. Bernanke said. “Instead, investors remained willing to accept GSE mortgage-backed securities because they continued to believe that the government stood behind them.” Having Fannie and Freddie compete as private firms — perhaps after breaking them into smaller units — would eliminate the conflict between private shareholders and public policy, diminish risks to the overall economy and financial system and allow them to be more innovative by operating with less political interference, Mr. Bernanke said. But “whether the GSE model is viable without at least implicit government support is an open question,” he said. Even under privatization, Mr. Bernanke said “it would seem advisable” to provide government support for the mortgage-securitization process during periods of turmoil. He cited FHA home loans as a great mortgage system. Bernanke may develop a government bond insurer, modeled on the Federal Deposit Insurance Corp., to provide government-backed insurance for bond financing to fund mortgage markets. As an alternative, Mr. Bernanke suggested covered bonds and debt issued by financial institutions and backed by a pool of high-quality assets with extensive regulation. Covered bonds have been used frequently in Europe as the focal point of home loan funding.
As a third option, he said the home loan firms could be tied even more closely to the government through a public-utility model or a cooperative between mortgage loan originators and the government-sponsored FHA mortgage firms. “A public-utility model might allow the enterprise to retain some of the flexibility and innovation associated with private-sector enterprises in which management is accountable to its shareholders,” Mr. Bernanke said. Mr. Bernanke’s comments came as the latest economic data showed a nation retrenching. Read the complete article by James R. Hagerty article.
Home Loans Defaults Rise for Mortgage Insurers
According to a report by Mortgage Insurance Companies of America or MICA, home loan defaults rose in September. CNN Money reported that September saw 76,776 insured mortgage loans went into default, or became 60 days past due, up from 72,818 the month before, and the highest monthly total in a year. In April, one mortgage lender changed its default reporting, making figures before April not directly comparable to monthly figures since then, MICA said. Mortgage cures, or home mortgages that are brought current, decreased by 383 to 41,400 in September from the previous month.
The number of applications for primary mortgage insurance dropped by 3,337 in September to 62,209 the lowest monthly number in at least a year. New policies issued dropped to 49,544, the lowest monthly total for the year, for a total insured amount of $8.1 billion. After a month with no bulk mortgage loan activity, 164 bulk mortgage insurance policies were issued, for a total value of $35.9 million.
MICA’s members reported a total of $801.3 billion in primary insurance in force for the month of September, $350 million less than in August.The statistics in this month’s report include data from AIG United Guaranty, a unit of American International Group (AIG); Genworth Mortgage Insurance Corp., a unit of Genworth Financial (GNW); Mortgage Guaranty Insurance Corp. (MTG); PMI Mortgage Insurance Co., a unit of PMI Group (PMI); and Republic Mortgage Insurance Co., a unit of Old Republic International (ORI).
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